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US TSYS: Tsys Futures Gap Higher Following Bessent Nomination

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Tsys were mixed on Friday, front-end underperformed slightly after November preliminary S&P Global US PMI services and composite readings beat estimates. We have opened much stronger this morning following Trump announcing Bessent are Treasury Secretary, TU is trading + 01+ at 102-18⅜, while TY has rallied +12+ to 110-00+.
  • Bessent is seen as a Fiscal Hawk, with the market of consensus he will be positive overall for the economy and markets.
  • In the week to Nov. 19, hedge funds unwound $15.6m/DV01 in short positions across 2-, 5-, and 10-year Treasury notes and $5.2m/DV01 in ultra-long bonds, while asset managers reduced $4.9m/DV01 in long-bond positions but increased $3.3m/DV01 in ultra 10-year note futures. In SOFR futures, hedge funds cut $5m/DV01 in net longs to their lowest since July, as asset managers made minor additions to net long positions.
  • Later today we have Chicago Fed Nat Activity Index & Dallas Fed Manf. Activity
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  • Tsys were mixed on Friday, front-end underperformed slightly after November preliminary S&P Global US PMI services and composite readings beat estimates. We have opened much stronger this morning following Trump announcing Bessent are Treasury Secretary, TU is trading + 01+ at 102-18⅜, while TY has rallied +12+ to 110-00+.
  • Bessent is seen as a Fiscal Hawk, with the market of consensus he will be positive overall for the economy and markets.
  • In the week to Nov. 19, hedge funds unwound $15.6m/DV01 in short positions across 2-, 5-, and 10-year Treasury notes and $5.2m/DV01 in ultra-long bonds, while asset managers reduced $4.9m/DV01 in long-bond positions but increased $3.3m/DV01 in ultra 10-year note futures. In SOFR futures, hedge funds cut $5m/DV01 in net longs to their lowest since July, as asset managers made minor additions to net long positions.
  • Later today we have Chicago Fed Nat Activity Index & Dallas Fed Manf. Activity